Asked by Jenna D'Amour on May 14, 2024
Verified
If a transaction cannot be recorded in a special journal it is
A) not recorded.
B) a correcting entry.
C) recorded in the general journal.
D) an error.
Special Journal
A type of accounting journal designed for recording a specific kind of transaction in a more efficient and detailed manner.
General Journal
A comprehensive record of all financial transactions of a company, listed in chronological order.
Correcting Entry
A correcting entry in accounting is a journal entry made to amend a previously recorded error in the financial statements.
- Understand the function and significance of the general journal in the context of the accounting cycle.
Verified Answer
BG
Breanne GnackeMay 20, 2024
Final Answer :
C
Explanation :
If a transaction cannot be recorded in a special journal, it is recorded in the general journal. The general journal is a catch-all for transactions that do not fit specifically into one of the special journals, such as the sales journal or cash receipts journal.
Learning Objectives
- Understand the function and significance of the general journal in the context of the accounting cycle.